KUALA LUMPUR: Grab-led GX bank Bhd has become the country's first operations-ready digital bank, having received approval from the Minister of Finance and Bank Negara Malaysia to start operations on September 1, 2023.
In a statement on Grab's website, GX Bank said it successfully completed an operational readiness review, and is the first of five licensed digital banks to start operations.
GXBank is a subsidiary of GXS Bank Pte. Ltd., the digital bank joint venture between Grab Holdings Limited and Singapore Telecommunications Limited (Singtel) – and a consortium of other Malaysian investors, including Kuok Group.
With the start of operations, the bank will begin beta-testing its app – starting with its employees from GXBank, Grab and Kuok Group – and progressively roll out to a wider pool of users.
This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.
GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME).
Additionally, the digital-only bank will support customers' needs through various channels including a bank app and 24/7 customer support via multiple platforms.
GXBank's 200-strong team is led by Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking.
Supporting GXBank is the newly appointed Board of Directors, spearheaded by Datuk Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion.